Second charge lending improves in July – FLA

by:
  • 10/09/2018
  • 0
Second charge lending improves in July – FLA
Second charge lending picked-up in July after a sluggish second quarter of the year, according to data from the Finance and Leasing Association (FLA).

 

The value of new business completed was up by 6% to £98m in the month while the number of new agreements rose by 5% to 2,162, both compared to July 2017.

In the twelve-month period ending in July both the value of new business and number of new agreements rose by 4%.

The first half of 2018 was punctuated by significant falls in monthly activity during March and June – with the value of business and number of deals completed both down.

This has been reflected in the rolling three-month totals for new business value and transactions which were largely stable compared to the same three months last year.

FLA head of consumer and mortgage finance Fiona Hoyle (pictured) said: “The second charge mortgage market made a positive start to the third quarter, with new business in July up 6% by value and 5% by volume.

“The number of new agreements in this market grew by 2% in the first seven months of 2018, in line with expectations of modest single-digit growth in 2018 overall.”

July also saw significant growth in credit card and car finance, according to FLA figures.

Car finance grew 11% to £2.89bn while credit cards and personal loans also rose by 11% to £4.5bn.

 

There are 0 Comment(s)

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions
Read previous post:
Sainsbury’s, Hinckley and Rugby, Secure Trust Bank and Kensington Mortgages cut rates – roundup

Sainsbury’s Bank, Hinckley and Rugby Building Society, Secure Trust Bank and Kensington Mortgages have cut interest rates on mortgage products.

Close